Generate Capital, a sustainable infrastructure funding and working platform, has made a strategic progress funding in Pine Gate Renewables, a renewable energy developer for utility-scale solar and storage.
The funding features a $200 million fairness funding and an extra $300 million dedication to a long-term asset partnership for solar venture financing.
The funding will present Pine Gate with extra capital to fund building and improvement of renewable energy tasks and meet different common working capital functions. Generate can even be part of Pine Gate’s board of administrators.
Pine Gate owns and operates over 1 GW of renewable energy tasks. The firm has greater than 20 GW in energetic improvement tasks all through the United States and has raised over $1 billion in company and venture capital financing prior to now six months.
“Pine Gate is thrilled to be partnering with Generate to accelerate the growth of our business,” says Ben Catt, CEO of Pine Gate. “Generate is a collaborative, experienced partner and shares Pine Gates’ long-term vision of driving the energy transition and improving energy security by providing solar energy and battery storage to local communities across the country. Pine Gate is well-positioned as we continue to expand our national presence.”
“Solar is the world’s most affordable source of energy today and is a significant opportunity for Generate as utilities adapt to the strong demand from customers for more renewable resources,” states Scott Jacobs, CEO and co-founder of Generate. “The Pine Gate team has a strong track record of execution and growth and an innovative operating model that enables them to move fast to build projects across important solar and storage markets. We are excited to partner with this best-in-class team and support Pine Gate’s continued expansion and market leadership.”
The transaction was facilitated by Foley & Lardner LLP as authorized adviser for Generate, and DNV GL as technical adviser. For Pine Gate, Lazard Ltd. served as monetary adviser and Gibson, Dunn & Crutcher LLP as authorized adviser.